Eyeing new investments to give a shot in the arm for economic growth, Union Finance Minister Nirmala Sitharaman on Tuesday, February 1, announced plans to increase ease of doing business in the upcoming financial year 2022-23. Presenting the Budget, the minister said that there would be a relaxation in compliances in order to transition to ‘trust-based governance’. She also said that in recent years, over 25,000 compliances were reduced and that 1486 union laws have been repealed.
Announcing that the new Budget lays the foundation for the ‘Amrit Kaal’, from India at 75 to India at 100, the Ease of Doing Business 2.0 and Ease of Living schemes will be launched. “This new phase will be guided by an active involvement of the states, digitisation of manual processes and interventions, integration of the central and state-level systems through IT bridges, a single point access for all citizen-centric services, and a standardization and removal of overlapping compliances,” the FM said.
She added that with the process of investment easing, the government hopes that the economy, which is struggling due to COVID-19, will be revived. The Finance Minister also announced that ‘One Nation, One Registration’ will be established, which will help do the registration anywhere in the country and that this would help ease of living and also ease of doing business.
States will be actively involved in the programme to ease business, and citizens and businesses have been invited to share suggestions on its impact, FM Sitharaman said while presenting the Budget. The new Budget announced has also proposed other initiatives to maximise the ease of doing business. Data exchange among all-mode operators will be brought on the Unified Logistics Interface platform to enable efficient movement of goods and to reduce logistics cost and time, and e-passports using futuristic technology will be rolled out in 2022-2023 for the convenience of people’s travel, she said.